National Football League (NFL) franchise the Oakland Raiders has agreed to renew the lease at its Oakland Coliseum stadium with a view to building a new arena after missing out on a move to Los Angeles.

Mark Davis, the owner of the Oakland Raiders, held a press conference alongside representatives from the Joint Powers Authority – the owner of the stadium – to announce that the lease had been renewed for the 2016 season. Two, one-year options for the respective 2017 and 2018 seasons were also part of the agreement.

“First off, this is about today and the future, and the lease that we just signed with the city of Oakland,” said Davis. “It gives us an opportunity to work on a permanent facility for the Raiders here in Oakland, and that’s where we’re going to keep it.”

Oakland was one of three teams vying to make the move to LA, rivalling bids made by the San Diego Chargers and St Louis Rams. However, the latter was successful after the majority of NFL owners voted in favour of its relocation.

The San Diego Chargers will also explore options regarding the development of a new stadium after appointing Fred Maas as special advisor to Chargers’ chair Dean Spanos. Maas will investigate stadium financing plans that “would be publicly acceptable”.

Separately, the San Diego Chargers and the Spanos family have offered a US$250,000 (£172,568, €223,143) fund which it will award to local schools to support physical fitness, nutrition and athletic programmes on campus. In 2015, seven schools in the city received grants of up to US$65,000 (£44,860, €58,017).